A lot of uncertainty still surrounds the economy, with COVID-19 as the largest contributing factor. Actions like additional lockdowns of businesses, schools, and other restrictions, have all continued to slow down the economy. But, the rollout of vaccines is welcome news with regards to our health and the reopening of the economy.
Bottom line? We expect the bumpy economic ride to continue into the New Year. On a positive note, your Credit Union is on solid financial footing and well prepared for what may come.
Our strong position with over $130 million in gross capital and projected bottom line (income after expenses) of over $3 million for 2020, has allowed us to prepare for “rainy days”. This means we can continue to serve and offer you highly competitive loan and deposit rates during this economic downturn.
For example, we are committed to not changing how we approve loans and have recently reduced a number of loan rates, including Auto, Signature, and Home Equity Loans. Feel free to check out the competitive rates on our website (figfcu.org).
We continue to invest in digital technology to better serve you, whether you’re 5 or 70 miles from a branch. You’ll be able to bank with us as if you were standing with a Branch Counselor. We’re so excited about the new digital journey that we have embarked upon in 2020 and are looking forward to sharing some of this technology with you in the first part of 2021.
Our commitment to you, isn’t just about working hard to meet your evolving banking needs. We’re here in the short-term to support everyone impacted by COVID-19. As you may know, ALL of your family and friends may now join the Credit Union so if anyone you know needs financial support, we are here to help. Please call, chat with us online, or go to figfcu.org/member-services. We handle every request personally, and will do everything we can to provide solutions that work.
I wish you and your family health and wellness in the coming year and thank you for being a member of our Credit Union family.